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The automotive tappet market size is forecast to increase by USD 2.1 billion at a CAGR (Compound Annual Growth Rate) of 4.36% between 2023 and 2028. Market expansion hinges on factors like rising automobile production, stringent emissions regulations, and technological progressions such as variable valve timing (VVT) and cylinder deactivation systems. With increasing global demand for vehicles, especially in emerging markets, automotive manufacturers are compelled to meet stricter emission standards, driving the adoption of advanced technologies like VVT and cylinder deactivation. These innovations not only enhance engine performance but also contribute to fuel efficiency and emissions reduction. As the automotive industry continues to evolve, these factors collectively propel market growth, shaping the trajectory of the automotive sector toward a more sustainable and technologically advanced future.
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The market plays a significant role in the automotive industry, particularly in the ignition and fuel systems of internal combustion engines. Tappets, also known as cam follower, are essential components that transmit engine motion from the camshaft to the valves. They ensure proper engine performance by maintaining a consistent clearance between the camshaft and the valves. The market for automotive tappets is driven by the increasing demand for vehicles, especially in developing countries. Factors such as the growing automotive industry, rising disposable income, and urbanization are contributing to this growth. The market thrives on factors such as purchasing power and the demand for passenger cars, enduring high temperatures and high pressures while ensuring engine reliability. Additionally, the ongoing trend towards the production of more fuel-efficient and eco-friendly vehicles is expected to boost the demand for advanced tappet technologies. Manufacturers are focusing on developing high-performance and durable tappets, such as those made from hardened steel and other durable materials, to meet the evolving needs of the automotive industry. They are also investing in research and development to create tappets that can reduce engine noise and improve fuel efficiency.
Increasing automobile production is the key factor driving the growth of the market share. Demand for automobiles is increasing in developing countries due to rapid urbanization and increasing disposable income. As a result, there is an increasing need for engine parts such as tappets, which play an important role in engine operation.
For example, countries such as India and China are experiencing a rapid expansion in automobile production due to increasing consumer demand. This demand forced manufacturers to increase production capacity to meet the growing demand for vehicles and resulted in a demand for high-quality. This is expected to drive the growth of the market during the forecast period.
Lightweighting in the automotive industry is a primary trend in the market size. The lightweight trend in the automotive sector is positively affecting the global tappets market by encouraging the use of lighter materials such as titanium and complex alloys. Automakers are actively looking for parts that contribute to reducing total weight without sacrificing performance, while also striving to improve fuel efficiency and reduce emissions.
Furthermore, manufacturers invest in R&D to create new designs that optimize weight and utility. This trend aligns with the automotive market's broader goal of improved durability and performance and is driving the development of tappet technology. These are major factors to boost the growth of the market trends and analysis during the forecast period.
Environmental concerns regarding manufacturing processes is a restraint that affects the growth of the market. Tappet manufacturers must carefully select materials and manage waste to minimize their carbon footprint and carbon emissions, while governments and customers prioritize environmentally friendly vehicle measures. Manufacturers are forced to look for alternative materials with less impact on the environment, such as light metals or composites.
Furthermore, waste management is also a concern as discarded materials and by-products need to be disposed of properly. The manufacturing process becomes more complex when sustainable production practices such as recycling and minimizing harmful emissions are used. Environmental concerns are expected to act as a barrier to the growth of the target market during the forecast period.
The market forecasting analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Wuxi Xizhou Machinery Co., Ltd: The company offers automotive tappets such as valve tappet, ISL tappet, idler shaft, and roller tappets.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The flat tappets segment is estimated to witness significant growth during the forecast period. Due to the low cost and ease of use, flat have traditionally held a prominent place in the market. For older and classic cars, as well as certain low-cost versions, flat are used if costs are a major consideration.
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The flat tappets segment was the largest segment and was valued at USD 5.78 billion in 2018. Flat are used in low-budget cars and in classic car restoration, where enthusiasts appreciate their casual look. However, the relevant market is moving towards higher-end, such as roller tappets, which offer better performance and longevity, especially in current and high-performance motor designs. Thus, such factors will drive the growth of the market segment during the forecast period.
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APAC is estimated to contribute 59% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The increasing disposable income, urbanization, and rising demand for passenger and commercial vehicles by the middle class are the significant factors driving the growth of the regional market.
Furthermore, market players like Schaeffler Group and Rane Engine Valve Limited are active participants in the APAC market, offering a wide range of faucet solutions for different types of vehicles. China, India, and Japan are emerging as the leading markets in the region due to their large car production capacity and customer demand. Hence, such factors are expected to drive market growth in this region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is witnessing significant growth, driven by factors such as increasing vehicle production and the expanding ecosystem tappet market. Utilizing a bottom-up approach and data triangulation, analysts conduct model-wise analysis to assess market dynamics accurately. Tappets, including valve lifters and cam followers, are crucial components in engines, facilitating rotating motion and maintaining valve clearance. Automotive OEMs play a pivotal role in driving innovation and demand within the market. Pricing analysis and PESTLE analysis offer insights into market trends and regulatory influences. Key players like Federal-Mogul and SSV Technocrates are actively involved in product development and market expansion. Moreover, the growing trend towards fuel efficiency and reduced emissions is leading to the adoption of advanced engine technologies, which in turn is boosting the demand for high-performance tappets.
On the other hand, the market is facing challenges such as increasing competition from alternative valve actuation systems, such as camshafts and variable valve timing systems. Additionally, the high cost of production and the availability of low-cost alternatives from China and other Asian countries are posing significant challenges to market players. Despite these challenges, the market is expected to grow at a steady pace in the coming years, driven by the increasing demand for vehicles and the need for improved engine performance and durability. Key players in the market include companies such as Borg Warner, Delphi Technologies, and NGK Spark Plug Co. Ltd. among others. In conclusion, the market is an essential component of the automotive industry, and its growth is driven by the increasing demand for vehicles and the need for improved engine performance and durability. However, the market faces challenges such as competition from alternative valve actuation systems and the availability of low-cost alternatives from Asia. Despite these challenges, the market is expected to grow steadily in the coming years.
Further, the market plays a crucial role in the internal combustion engines of vehicles. Camshafts, an essential component of the engine, require operation at precise intervals. Tappets, or engine tappets, are responsible for this function. They provide the necessary clearance between the camshaft and the valves, allowing for smooth engine operation. Valves in the engine require precise movement to ensure optimal engine performance and engine designs. Tappets, as part of the valvetrain system, facilitate this movement. The tappets are designed to minimize friction and wear, ensuring the longevity of the engine components. The market for automotive tappets is driven by the increasing demand for vehicles worldwide. The automotive industry's continuous pursuit of improved engine performance and Fuel-efficient vehicles further boosts the market. Additionally, the growing popularity of electric vehicles (EV) and hybrid vehicles is expected to create new opportunities for tappets manufacturers, as these vehicles also require valvetrain systems. In conclusion, the automotive tappets market is a vital segment of the automotive industry, providing components that ensure smooth engine operation and contribute to improved vehicle performance. The market's growth is driven by the increasing demand for vehicles and the continuous pursuit of enhanced engine performance and fuel efficiency.
Automotive Tappets Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2022 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2023-2027 |
USD 2.1 Billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.11 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 59% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB SKF, COMP Cams, Crower Cams and Equipment Co. Inc., Cummins Inc., Decora Auto Forge Pvt. Ltd, Eaton Corp. Plc, Garima Global Pvt Ltd., Johnson Lifters L.L.C, Lunati LLC, NSK Ltd., Power Industries., Rane Holdings Ltd., RMW International, RSR Industries, SAC Engine Components Pvt. Ltd, Schaeffler AG, Shri Ram International, SM Motorenteile GmbH, Vishvam Automobiles, and Wuxi Xizhou Machinery Co., Ltd |
Market dynamics |
Parent market analysis, Market growth and forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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